The funky 2 minutes was due to my not knowing what I was looking at. The 32 time was the clock time (meaning time that had elapsed since they shot the gun to start the whole dealie). It didn't necessarily reflect when I passed the start hump and the end hump.

So it appears it did take about 2 minutes to just get to (and then over) the start hump. That makes perfect sense, since I was about half a block back from the start hump and there were a LOT of folks (we were shuffling to the start, not even walking!).

The difference between my stopwatch and the time they recorded (for how long from hump to hump) was only a few seconds, which makes a lot more sense.

Who knew the hardest part of running a 5K would be the MATH!

EDITED TO ADD (to reply to "how did you find out" question).

They have a "chip time" and a "clock time" listed. The first time I looked (I looked again just now) I didn't see all the colums (some were hidden and you had to actively make them visible). So there was a "chip time", "clock time" and "pace" listing.